Portfolio Covenants Sample Clauses

Portfolio Covenants. The Issuer covenants with the Indenture Trustee as follows:

Portfolio Covenants. So long as the SPV Credit Agreement is in effect, the Borrower shall not violate the following performance measurements, in each case to be determined on a monthly basis as of the last calendar day of any calendar month following the Closing Date and calculated on the first Determination Date occurring after such last calendar day of such calendar month (and based on the information for the preceding calendar month or months, as applicable, set forth in any Monthly Servicing Report related to such Determination Date): (a) The average Principal Payment Ratio for the preceding three-month period shall be greater than 5.00%. (b) The average Principal Default Ratio for the preceding three-month period shall be less than (1) for any three-month period ending on any date from April 1 to and including August 31 of the applicable calendar year, 24.00% and (2) otherwise, 28.00%. (c) The average Principal Delinquency Ratio for the preceding three-month period shall be less than 14.50%. (d) The Principal Delinquency Ratio for the preceding Monthly Period shall be less than 16.00%. (e) The Total Payment Ratio for the preceding Monthly Period shall be greater than 6.50%. (f) The average Excess Spread Ratio for the preceding three-month period shall be greater than 8.00%. (g) The average Adjusted Excess Spread Ratio for the preceding three-month period shall be greater than —4.00% (negative four percent). So long as the SPV Credit Agreement is in effect, if the covenants set forth in Section 6.5 of the SPV Credit Agreement which correspond to the covenants in this Section 6.15 or any definitions or other constituent elements thereof are amended or waived under the SPV Credit Agreement, the provisions of this Section 6.15 shall be amended accordingly, automatically and without further action by the parties hereto.

Portfolio Covenants. With respect to the Projects, as of the end of each fiscal quarter (i) the Debt Service Coverage shall be at least 1.25 to 1.00, (ii) the Cash on Cash Return shall be at least 12% and (iii) the Portfolio LTV shall be equal to, or less than, 77%, in each case, as determined by Administrative Agent (on behalf of the Lenders)." 5.13 SECTION 7.12 of the Loan Agreement is hereby deleted in its entirety. 5.14 Paragraph C.4 of SCHEDULE 2.1 to the Loan Agreement is hereby amended to delete the references to the phrase "eleven percent (11%)" and substitute in lieu thereof the phrase "twelve percent (12%)." 5.15 The Borrowers and the Lenders acknowledge and agree that subject to the satisfaction of the Modification Conditions, SCHEDULE 3 to the Loan Agreement is hereby deleted in its entirety and replaced with the schedule attached hereto as SCHEDULE 3. From and after the date hereof, the term "Allocated Loan Amount" as used in the Loan Agreement shall mean the Loan amounts as set forth in the schedule attached to this Modification as SCHEDULE 3.

Portfolio Covenants. Borrower shall cause the Receivables to be in full compliance with the following portfolio requirements (as of any date of determination, with respect to all Receivables constituting Collateral as of such date):

Portfolio Covenants. With respect to the Projects, as of the end of each fiscal quarter (i) the Debt Service Coverage shall be at least 1.2 to 1.00 and (ii) Cash on Cash Return shall be at least 11% as determined by Administrative Agent (on behalf of the Lender).

Portfolio Covenants. With respect to the Projects, as of the end of each fiscal quarter (i) the Debt Service Coverage shall be at least 1.75 to 1.00 so long as the Term Loan has not been repaid in full, and at least 2.75 to 1.00 after the Term Loan has been repaid in full; (ii) the Cash on Cash Return shall be at least 17% so long as the Term Loan has not been repaid in full, and at least 25% after the Term Loan has been repaid in full; and (iii) the Portfolio LTV shall be equal to, or less than, 50% so long as the Term Loan has not been repaid in full, and equal to, or less than 30% after the Term Loan has been repaid in full; in each case, as determined by Administrative Agent (on behalf of the Lenders)." 8. OPTION TO PREPAY LOAN BASED ON SALE OF NON-MORTGAGED PROPERTIES. Notwithstanding anything to the contrary contained in the Loan Agreement, Borrowers shall have the option at any time during the Term to prepay, from the application of any Non-Mortgaged Properties Net Sales Proceeds, (a) the Term Loans or (b) the Revolving Loans. Borrowers shall give the Administrative Agent ten (10) Business Days' prior written notice before any such prepayment. All prepayments made pursuant to this paragraph on a day other than a Payment Date shall be accompanied by an amount sufficient to pay (i) any and all amounts payable to the Lender pursuant to the provisions of SECTION 2.08(5) of the Loan Agreement as a result of such payment while a Eurodollar Loan is in effect and (ii) all costs, expenses and fees required to be paid under the Interest Rate Protection Agreement.

Portfolio Covenants. As used in this Section, the following terms shall have the respective meanings set forth below:

Portfolio Covenants. The Borrower shall not permit: (a) the ratio of the aggregate Market Value of all Secured Transaction Assets to the aggregate Market Value of all Transaction Assets to fall below 75%; (b) the weighted average maturity of all Transaction Assets to exceed five years;

Portfolio Covenants. The Borrower shall not permit: (a) the ratio of the aggregate Market Value of all Secured Transaction Assets to the aggregate Market Value of all Transaction Assets to fall below 75%; (b) the weighted average maturity of all Transaction Assets to exceed five years; (c) the weighted average coupon rate with respect to all Transaction Assets to be less than a rate equal to the sum of 4% plus the Five Year Treasury Rate; or (d) the outstanding principal amount of all Loans to exceed the the Borrowing Base Amount.

Portfolio Covenants. The Borrower shall not permit: (a) the ratio of the aggregate Market Value of all Secured Transaction Assets to the aggregate Market Value of all Transaction Assets to fall below 75%; (b) the weighted average maturity of all Transaction Assets to exceed five years; (c) the weighted average coupon rate with respect to all Transaction Assets to be less than a rate equal to the sum of 4% plus the Five Year Treasury Rate; (d) the outstanding principal amount of all Loans to exceed the Borrowing Base Amount; (e) commencing March 31, 2008 and for each calendar quarter thereafter, its Tangible Net Worth to be less than the sum of (i) 85% of the Tangible Net Worth set forth in the audited statements for the fiscal year ended December 31, 2007 delivered pursuant to Section 8.2 plus (ii) an amount equal to 50% of the net cash proceeds from any equity issuance after December 31, 2007; (f) commencing March 31, 2008 and on the last day of each month thereafter, the Rolling Three-Month Default Ratio to exceed 8.0%; or (g) commencing March 31, 2008 and on the last day of each month thereafter, the Rolling Three Month Charged-Off Ratio to exceed 5.5%.